Home Ownership Is Still the American Dream

Posted by Destin Real Estate Sales on Tuesday, April 12th, 2011 at 9:12pm.

 

Owning a home is still the American dream. Despite the recent economic downturn, the majority of Americans still believe that owning a home [http://www.gulfcoastrealestatesales.com/] assures a better quality of life and is a smart financial investment. According to a recent survey of nearly 4,000 adults, 95% of current home owners and 72% of renters believe that buying a home is a smart decision that grows increasingly more beneficial the longer you own your home.

 

Conducted by Harris Interactive for the National Association of Realtors, the American Attitudes about Homeownership survey round that 56% of home owners were satisfied with their quality of life compared to just 36% of renters. Home owners were similarly more satisfied than renters with their community. The value of home ownership is still so highly valued in America that 63% of renters surveyed aspired to become home owners, and 93% of current home owners said that they were so satisfied with home ownership that they’d purchase a home again.  

 

Renters said their greatest obstacles to home ownership were job security and concerns about their credit rating. Just under 10% of both groups expressed concern about their ability to meet monthly mortgage or rent payments. While little change was anticipated in 2011, both renters and home owners seemed hopeful that employment opportunities would increase and loan requirements would become less restrictive as the economy continues to recover. Interestingly, both groups were strongly in favor of continuing the federal mortgage interest deduction, agreeing that the deduction plays a key role in affordable home ownership.

 

The majority of both homeowners (63%) and renters (65%) also agreed that the benefits of home ownership extended far beyond its financial benefits. Among the non-monetary benefits of home ownership most cited by survey participants were stability, safety, community environment, civic activities and neighborliness.

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